Weak labour market data weighed on markets yesterday, closing lower, led by the Dow which closed 0.58% in the red. A miss on the closely watched jobs data weighed on markets in the afternoon as Jobless Claims rose again last week, hitting the highest level in five weeks, and marking the second straight week of increases. This sparked fears that new CVID-19 restrictions are forcing businesses to lay off employees once more, hurting the economic recovery. Economic data were not all bad… New Home Sales remained at an elevated level, showing that demand for homes is still high. The Federal Reserve released its minutes from the November meeting, showing that members considered making changes to its Asset Purchase Programme. The Fed said that most of its members are in favour of updating the guidance on the purchase programme. The Fed also expressed concern about the economy if there is no fiscal stimulus deal coming from Congress. European Indices also closed lower. French President Emmanuel Macron said the country would begin to ease Coronavirus restrictions this weekend in phases, stating that the worst of the second wave is behind the country. British Chancellor of the Exchequer Rishi Sunak is expected to unveil $5.7 billion in funding that will help unemployed people in the U.K. find new work. The Irish and German governments both said they were looking to relax Coronavirus restrictions before Christmas. The European Central Bank’s Financial Stability Report showed regional banks may need to set aside more capital for bad loans. Elsewhere, Oil rose another 2% on reports that OPEC was leaning towards an extension of its production cuts, while Gold finished the day flat.
To mark my 2200th issue of TraderNoble Daily Commentary I am offering a special 2 year rate of Euro 2750 for my Platinum Service which includes 1 to 4 updated emails throughout the trading day To demonstrate this value, a monthly subscription over the same period would cost 4440 euro in total This offer represents a 38% discount and is open to both new and existing members. If anyone is interested in this offer can you please email me on bryan@tradernoble.com for details
For anyone following my Platinum Service it made 35 points yesterday and is still ahead by 1736 points for November having made 2779 points in October, 3042 points in September, 2383 points in August, 3128 points in July, 2580 points in June, 2456 points in May, 4773 points in April, an incredible 9264 points in March, 2223 points in February and 2142 points in January. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points
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Equities
The S&P 500 closed 0.16%% lower at a price of 3629.
The Dow Jones Industrial Average closed 174 points lower for a 0.58% loss at a price of 29,872.
The NASDAQ 100 closed 0.6% higher at a price of 12,152.
The Stoxx Europe 600 Index closed 0.4% lower
The MSCI Asia Pacific Index fell 0.5%.
Yesterday the Nikkei closed 0.50% higher at a price of 26,297.
Currencies
The Bloomberg Dollar Spot Index closed 0.3% lower.
The Euro closed 0.3% higher at $1.1915.
The British Pound closed 0.1% higher at $1.3378.
The Japanese Yen closed unchanged at 104.38 per dollar.
Bonds
The yield on 10-year Treasuries closed unchanged at 0.88%.
Germany’s 10-year yield closed unchanged at -0.56%.
Britain’s 10-year yield closed three basis points lower at 0.31%.
Commodities
The Bloomberg Commodity Index closed 0.3% higher.
West Texas Intermediate closed 1.96% higher at $45.40 a barrel.
Gold closed 0.1% higher at $1801 an ounce.
This morning on the Economic Front we have German GFK Consumer Confidence Survey at 7.00 am. Finally, we have Euro-Zone Money Supply at 10.00 am and the Minutes from the last ECB Meeting at 12.30 pm. Remember the U.S Markets are closed today for Thanksgiving and only opened for a half-day tomorrow.
December S&P 500
The S&P fell shy of my initial 3670 sell level before spending most of Wednesday’s session on the defensive. Volume was low which was expected given most US traders are on vacation until Monday. I will now lower my sell level to 3658/3678 with a lower 3693 stop. I still do not want to be long the S&P at this time.
EUR/USD
I am still flat as the Euro closed over 1.1910. We have resistance from 1.1980/1.2030 where I will be a seller with a 1.2075 stop. If I am taken short I will have a T/P level at 1.1935. I will continue to be a small buyer from 1.1805/1.1855 with the same 1.1765 stop. If I am taken long I will have a T/P level at 1.1885.
December Dollar Index
No Change as I am still long at 92.20 with the same 91.75 stop. Meanwhile I will leave my 92.40 T/P level unchanged.
December DAX
The DAX held onto most of Tuesday’s gains despite the weaker U.S Indices and stronger Euro. Ahead of the ECB Minutes this afternoon I will leave my 13470/13550 sell level unchanged with the same 13625 stop.
December FTSE
My latest 6415 average short-position worked well with the market trading lower to my 6380 T/P level and I am still flat. Today, I will again be a seller from 6415/6475 with a 6510 stop.
Dow Rolling Contract
The Dow just missed my 29750 buy level before rallying back above 29900 and I am still flat. I will now lower my buy level slightly to 29400/29600 with a 29245 tight stop. If I am taken long I will have a T/P level at 29740.
December NASDAQ
The NASDAQ was the strongest of the U.S Indices yesterday. I am still short at a price of 12080. I will now raise my second sell level to 12210 with a now higher 12275 stop. Meanwhile I will now raise my T/P level to 12040 and if any of the above levels are hit I will be back with a new update for my Platinum Members.
December BUND
The Bund just missed my 175.50 sell level with a 175.44 high print and I am still flat. Today, I will leave my 175.50/175.90 sell level unchanged with the same 176.25 stop.
Gold Rolling Contract
No Change as I am still an aggressive buyer on any further dip lower to 1760/1775 with the same 1747 stop.
Silver Rolling Contract
I am still long at 23.50 with the same 23.75 T/P level. I will continue to look to add to my position at 22.90. I will leave my stop unchanged at 22.65 and if any of the above levels are hit I will be back with a new update for my Platinum Members.
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